ACCA F3《财务会计》每日一练(2019-01-04)

发布时间：2019-01-04

Question：

1.W is registered for sales tax. The managing director has asked four staff in the accounts department why the output tax for the last quarter does not equal 17.5% of sales (17.5% is the rate of tax).

Which one of the following four replies she received was not correct?

A.The company sold some products to businesses not registered for sales tax

B.The company made some sales of exempt products

C.The company made some sales of zero-rated products

D.The company had some exports that were not liable to sales tax

2.IAS 2 Inventories defines the items that may be included in computing the value of an inventory of finished goods manufactured by a business.

Which one of the following lists consists only of items which may be included in the statement of financial position value of such inventories, according to IAS 2?

A.Carriage outwards, raw materials, Supervisor's wages, plant depreciation

B.Plant depreciation, carriage inwards, raw materials, Supervisor's wages

C.Supervisor's wages, carriage inwards, carriage outwards, raw materials

D.Raw materials, carriage inwards, costs of storage of finished goods, plant depreciation

3.An organisation's asset register shows a carrying value of $145,600. The non-current asset account in the nominal ledger shows a carrying value of $135,600. The difference could be due to a disposed asset not having been deducted from the asset register.

Which one of the following could represent that asset?

A.Asset with disposal proceeds of $15,000 and a carrying value of $5,000

B.Asset with disposal proceeds of $5,000 and a carrying value of $5,000

C.Asset with disposal proceeds of $15,000 and a loss on disposal of $5,000

D.Asset with disposal proceeds of $15,000 and a profit on disposal of $5,000

4.According to IAS 38 Intangible assets, which of the following statements about research and development expenditure are correct?

Research expenditure, other than capital expenditure on research facilities, should be recognised as an expense as incurred.

In deciding whether development expenditure qualifies to be recognised as an asset, it is necessary to consider whether there will be adequate finance available to complete the project.

Development expenditure recognised as an asset must be amortised over a period not exceeding five years.

A.1, 2 and 3

B.2 and 3 only

C.1 and 3 only

D.1 and 2 only

5.According to the IASB Framework which of the following is not an objective of financial statements?

A.Helping to assess the going concern status of a business

B.Enabling users to assess the performance of management to aid decision making

C.Providing information regarding the performance of a business

D.Providing information regarding the financial position of a business

Answer：

1.A

【解析】The other options could all be reasons why the output tax does not equal 17.5% of sales.

"The company sold some products to businesses not registered for sales tax" is incorrect as it makes no difference whether the customer is registered for sales tax or not.

2.B

3.D

【解析】If disposal proceeds were $15,000 and profit on disposal is $5,000, then carrying value must be $10,000, the difference between the asset register figure and the non-current asset account in the nominal ledger.

4.D

【解析】There is no requirement that development expenditure should be amortised over a period not exceeding five years.

5.A

【解析】Providing information regarding the financial position and performance of a business are primary objectives of financial statements. All classes of users require information for decision making.

下面小编为大家准备了 ACCA考试 的相关考题，供大家学习参考。

3 The Chemical Services Group plc (CSG), which operates a divisionalised structure, provides services to industrial and

domestic customers in Swingland, a country whose economic climate is subject to significant variations. There have

been a number of recent changes at board level within CSG and therefore the managing director called a meeting of

the board of directors at which each of four recently appointed directors put forward their view as to what their primary

focus should be. These were as follows:

The research and development director stated that ‘my primary focus is upon ensuring that we continue to develop

the products and services that satisfy the requirements of our existing and potential customers’.

The finance director stated that ‘my primary focus is upon keeping our investors satisfied’.

The human resources director stated that ‘my primary focus is upon ensuring that we take all the steps necessary to

establish and maintain our reputation as a responsible employer’.

The corporate affairs director stated that ‘my primary focus is upon the need to ensure that we are recognised as a

socially responsible organisation’.

Required:

(a) Discuss the criteria that should be considered in deciding upon suitable performance measures in respect of

the primary focus of each of the FOUR directors of CSG providing THREE appropriate quantitative measures

for each primary focus.

Note: your answer may include financial or non-financial quantitative measures. (12 marks)

正确答案：
(a) The primary focus of the research and development director
There is a need to measure the ability of CSG to offer up to date services that are sought after by existing and potential
customers. In this regard it would be relatively easy to determine the number of new products/services introduced in previous
periods. The performance of individual innovations should also be assessed. Also the aggregate expenditure on the
development of new services may indicate how CSG has performed with regard to offering up to date, customer focused
services.
The primary focus of the finance director
CSG could use return on capital employed (ROCE), economic value added (EVA) or residual income (RI) as measures of
financial performance. EVA and RI are both superior to return on capital employed (ROCE) in that each method is more likely
to develop goal congruence in terms of acquisition and disposal decisions. It is vital that any performance measure chosen
is consistent with the NPV rule. The use of RI could prove problematic when managers adopt a short term outlook and use
short term performance measures as decisions may not be consistent with the NPV rule. EVA attempts to avoid the problems
associated with understated asset values that arise in the use of ROCE and RI. Current values should be used as opposed to
historical costs.
The primary focus of the human resources director
CSG could use measures such as the rate of staff turnover, the level of absenteeism, training costs per employee and the
number of applications received for each job vacancy. These measures may provide an indication of the extent to which CSG
can be regarded as a socially responsible employer.
These measures should be compared with those of prior periods and targets. Employee attitude surveys may also be
undertaken on a systematic basis in order to assess matters such as the degree of satisfaction with the payment systems that
are in operation, management style. and working conditions.
The primary focus of the corporate affairs director
CSG could use measures such as the amounts spent on the disposal of waste chemicals, the number of complaints received
from clients and members of the public and the total of contributions made to organisations which seek to meet social
objectives, e.g. charities, schools and hospitals.

5 (a) Carver Ltd was incorporated and began trading in August 2002. It is a close company with no associated

companies. It has always prepared accounts to 31 December and will continue to do so in the future.

It has been decided that Carver Ltd will sell its business as a going concern to Blade Ltd, an unconnected

company, on 31 July 2007. Its premises and goodwill will be sold for ￡2,135,000 and ￡290,000 respectively

and its machinery and equipment for ￡187,000. The premises, which do not constitute an industrial building,

were acquired on 1 August 2002 for ￡1,808,000 and the goodwill has been generated internally by the

company. The machinery and equipment cost ￡294,000; no one item will be sold for more than its original cost.

The tax adjusted trading profit of Carver Ltd in 2007, before taking account of both capital allowances and the

sale of the business assets, is expected to be ￡81,000. The balance on the plant and machinery pool for the

purposes of capital allowances as at 31 December 2006 was ￡231,500. Machinery costing ￡38,000 was

purchased on 1 March 2007. Carver Ltd is classified as a small company for the purposes of capital allowances.

On 1 August 2007, the proceeds from the sale of the business will be invested in either an office building or a

portfolio of UK quoted company shares, as follows:

Office building

The office building would be acquired for ￡3,100,000; the vendor is not registered for value added tax (VAT).

Carver Ltd would borrow the additional funds required from a UK bank. The building is let to a number of

commercial tenants who are not connected with Carver Ltd and will pay rent, in total, of ￡54,000 per calendar

quarter, in advance, commencing on 1 August 2007. The company’s expenditure for the period from 1 August

2007 to 31 December 2007 is expected to be:

￡

Loan interest payable to UK bank 16,000

Building maintenance costs 7,500

Share portfolio

Shares would be purchased for the amount of the proceeds from the sale of the business with no need for further

loan finance. It is estimated that the share portfolio would generate dividends of ￡36,000 and capital gains, after

indexation allowance, of ￡10,000 in the period from 1 August 2007 to 31 December 2007.

All figures are stated exclusive of value added tax (VAT).

Required:

(i) Taking account of the proposed sale of the business on 31 July 2007, state with reasons the date(s) on

which Carver Ltd must submit its corporation tax return(s) for the year ending 31 December 2007.

(2 marks)

正确答案：
(a) (i) Due date for submission of corporation tax return
Carver Ltd intends to cease trading on 31 July 2007. This will bring to an end the accounting period that began on
1 January 2007. A new accounting period will commence on 1 August 2007 and end on the company’s accounting
reference date on 31 December 2007.
Carver Ltd is required to submit its corporation tax return by the later of:
– one year after the end of its accounting period; and
– one year after the end of the period of account in which the last day of the accounting period falls.
Accordingly, the company must submit its corporation tax returns for both accounting periods by 31 December 2008.

9 Which of the following items must be disclosed in a company’s published financial statements (including notes)

if material, according to IAS1 Presentation of financial statements?

1 Finance costs.

2 Staff costs.

3 Depreciation and amortisation expense.

4 Movements on share capital.

A 1 and 3 only

B 1, 2 and 4 only

C 2, 3 and 4 only

D All four items

正确答案：D

(b) Explain how growth may be assessed, and critically discuss the advantages and issues that might arise as a

result of a decision by the directors of CSG to pursue the objective of growth. (8 marks)

正确答案：
(b) Growth may be measured in a number of ways which are as follows:
Cash flow
This is a very important measure of growth as it ultimately determines the amount of funds available for re-investment by any
business.
Sales revenue
Growth in sales revenues generated is only of real value to investors if it precipitates growth in profits.
Profitability
There are many measures relating to profit which include sales margin, earnings before interest, taxation, depreciation and
amortisation (EBITDA) and earnings per share. More sophisticated measures such as return on capital employed and residual
income consider the size of the investment relative to the level of profits earned. In general terms, measures of profitability
are only meaningful if they are used as a basis for comparisons over time or in conjunction with other measures of
performance. Growth rate in profitability are useful when compared with other companies and also with other industries.
Return on investment
A growing return upon invested capital suggests that capital is being used more and more productively. Indicators of a growing
return would be measured by reference to dividend payment and capital growth.
Market share
Growth in market share is generally seen as positive as it can generate economies of scale.
Number of products/service offerings
Growth is only regarded as useful if products and services are profitable.
Number of employees
Measures of productivity such as value added per employee and profit per employee are often used by shareholders in
assessing growth. Very often an increased headcount is a measure of success in circumstances where more people are
needed in order to deliver a service to a required standard. However it is incumbent on management to ensure that all
employees are utilised in an effective manner.
It is a widely held belief that growth requires profits and that growth produces profits. Profits are essential in order to prevent
a company which has achieved growth from becoming a target for a take-over or in a worse case scenario goes into
liquidation. Hence it is fundamental that a business is profitable throughout its existence. Growth accompanied by growth in
profits is also likely to aid the long-term survival of an organisation. CSG operates in Swingland which experiences fluctuations
in its economic climate and in this respect the exploitation of profitable growth opportunities will help CSG to survive at the
expense of its competitors who do not exploit such opportunities.
Note: Alternative relevant discussion and examples would be accepted.

声明：本文内容由互联网用户自发贡献自行上传，本网站不拥有所有权，未作人工编辑处理，也不承担相关法律责任。如果您发现有涉嫌版权的内容，欢迎发送邮件至：contact@51tk.com 进行举报，并提供相关证据，工作人员会在5个工作日内联系你，一经查实，本站将立刻删除涉嫌侵权内容。

站内搜索
热门标签